Following the COP-28 Summit held in Dubai, this initiative will boost climate start-ups in India
Mumbai, 6th December, 2023: Avaana Climate & Sustainability Fund, an early-stage VC that invests in disruptive technology-led climate startups, in collaboration with Startup India, a flagship initiative of the Government of India proudly unveils the ‘Grand Challenge for ClimateTech Innovation’. This initiative aims to identify and support entrepreneurs building world-class solutions, to aid India and the entire world, in transitioning to net zero.
Climate change poses formidable risks globally, impacting critical aspects such as energy sustainability, food security, water availability and socio-economic stability. At the COP-28 Summit held in Dubai, Prime Minister Narendra Modi set a target to bring the nation’s emission intensity down by 45% by 2030, thereby striking a balance between the ecology and economy. This requires groundbreaking innovations across different sectors.
Hence, entrepreneurs are invited to apply for the challenge with their innovative ideas in seven key themes: Energy Transition and Mobility, Sustainable Food and Agriculture Systems, Industrial Decarbonisation and Built, Circular Economy, Climate Finance, Carbon Capture, Removal and Storage, and lastly Climate Data & Reporting.
Speaking about this initiative, Aastha Grover, Vice President, Startup India said “In the era of a global shift towards sustainability and clean technologies, initiatives like the ClimateTech Innovation program provide an ideal platform for emerging entrepreneurs and startups to display their innovative solutions. These startups are envisioned as pioneers, ready to assume leadership roles in groundbreaking technologies aimed at effectively addressing environmental challenges. We hope that startups embrace this opportunity and leverage it to make a meaningful difference.”
“The Grand Challenge for ClimateTech Innovation represents our dedication to supporting visionary startups driving impactful climate solutions”, said Anjali Bansal, Founding Partner, Avaana Capital. “It is aligned with building from India, for India and for the world.”
Startups with DPIIT registration are only eligible to apply. Winners will not only receive monetary prizes but will also gain access to mentorship from industry leaders and exposure to opportunities with influential stakeholders. The jury, responsible for shortlisting applications, will be composed of esteemed professionals across the ecosystem. This distinguished panel will include sustainability champion corporates, research think tanks, academic institutions, and other key players, ensuring a comprehensive and insightful evaluation process.
Applications for the ‘Grand Challenge for ClimateTech Innovation’ are open until 30th December 2023. Interested enterprises can apply by filling out this form.
This challenge provides an ideal avenue for the ClimateTech industry to come together and shape the course to a net-zero transition. Other organizations who have come on board to partner for this initiative include NITI Aayog and Atal Innovation Mission (AIM), The Global Energy Alliance for People and Planet (GEAPP), Rocky Mountain Institute (RMI) India Foundation, Nestle, and Tata Power, among others.
About Startup India:
Startup India is a flagship initiative of the Government of India, intended to catalyse startup culture and build a strong and inclusive ecosystem for innovation and entrepreneurship in India. Startup India was launched in January 2016 under the Department for Promotion of Industry and Internal Trade (DPIIT) and has rolled out several programs with the objective of supporting entrepreneurs and transforming India into a country of job creators, rather than job seekers.
About Avaana Capital:
Avaana Capital is an early-stage, technology Avaana Capital (VC), investing in disruptive, technology-led innovations to catalyse climate solutions and deliver exponential returns. Avaana Capital manages Avaana Climate and Sustainability Fund, India’s first and largest climate-tech VC fund. It invests in the broad areas of energy and resource management, mobility and supply chains, and sustainable agriculture and food systems.